Please help - urgent!!!

Hello Rachit,

You'll have to file ITR-IV if you are showing such income as professional income. And for claiming the corresponding expenses, you'll have to submit details of your books of accounts.

But if you are employed in a law firm on a full time basis, then you should be getting salary and not professional fee. If that's the case, then you'll need to file ITR-1.

Hope this helps!!!

Thanks Debojit!!!

I am employeed on a professional fee basis. Every month i pay TDS @ 10% from professional fee received. I wanted to know what kind of expenses i can claim in my ITR as i have not maintained any books of accounts?

Thanks in anticipation!!!

Rachit, it is compulsory for you to maintain books of accounts if you fulfil the conditions u/s 44AA of the Income tax act.

Summary of 44AA:

A Specified professional is-

Every person carrying on legal, medical, engineering or architectural profession, or profession of accountancy or technical consultancy or interior decoration.

So going as per law, you are required to maintain such books that help the Assessing Officer to determine your income. It is mandatory. I would suggest you prepare the books, it wouldn't take much time. Just give an account of all receipts and expenses & then file ITR-4.

Thanks a ton!!!

I want to claim expenses like travel, stationary, etc. What account/bills to be maintained?

Please advise

Thanks in anticipation!!!

Just maintain a cash book and ledger.

Also, maintain a file of all the bills and expenses that you are claiming as deductions. Expenses must be related to the professional services offered by you.